Illawarra property market presents unknowns in 2020: HTW residential
The year ahead presents unknowns in respect to the residential property market in the Illawarra, according to the latest Herron Todd White (HTW) residential report.
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
The report suggests towards the back end of 2019, demand for property appeared to be picking up, halting the declining market experienced throughout 2018 and the first half of 2019.
Selling periods certainly dropped and it was common for agents to be reporting sales within a couple of weeks of marketing as buyers became a bit more ready with their cheque books.
"We are expecting the beginning of 2020 to follow this trend with reasonable demand for a wide variety of property throughout the Illawarra," the valuation firm stated.
At the lower end of the house market are entry level properties in Cringila for just under $400,000, in Nowra for around $350,000 and Horsley around $450,000.
At the other end of the scale, there are a number of fine homes currently listed for sale over $3 million in locations including Lilyvale, Otford, Thirroul, Minnamurra and Berry along with a dual level Cliff Road unit listed at over $4 million.
A Thirroul waterfront house with private beach access is currently on the market with $3.8 million to $4.2 million hopes.
The five bedroom, four bathroom house is situated at 2 Woodland Avenue (pictured below).
Set on 1340 square metres of land, the house features ocean view, master bedroom with freestanding bath, three balconies, and entertainment area.
"As at the end of 2019, property pricing and position in the market will be crucial to driving sales," the valuation firm said.
Well presented properties with realistic price expectations will do well, while inferior quality properties and those in secondary locations are still expected to struggle.
"Something to keep an eye on is Wollongong CBD units. As 2020 progresses, so will a number of larger unit developments including the highrise projects on and around Regent Street,"the valuation firm continued.
A recent sale was a two bedroom apartment situated at 1/72-74 Corrimal Street, Wollongong (pictured below).
The ground floor apartment has been sold for $585,000.
It comprises two bedrooms, kitchen, bathroom and oversized terrace entertaining.
The complex is located within close proximity to CBD, hospitals and university.
Delivery of these will provide a large supply of additional units into a market that has already expanded at an unprecedented level in the past 10 years.
"Our prediction for the year ahead is for the residential property market across the region to remain relatively stable with minor increases in value.
"Whether the market is gearing up for another decline, further strong growth or a long settled period is anyone’s guess."
